Industry
In a scathing press release, Alberta’s plaintiffs’ lawyers are lashing out at proposed changes to the province’s auto insurance system which would limit the right of those with minor injuries to collect “non-economic” damages.The Alberta Civil Trial Lawyers Association says the proposed regulations, which cap “pain and suffering” awards for soft tissue injuries at $4,000, […]
By Canadian Underwriter | April 27, 2004
2 min read
Hub International Ltd. has established its 11th “hub”, this time in the Pacific Northwest U.S., with the purchase of Seattle, Washington-based Bush, Cotton & Scott, LLC. The brokerage specializes in general insurance and surety bonding for construction firms in Washington, and is the largest privately-held construction specialist in the Northwest with annual revenues of US$9 […]
1 min read
Northbridge Financial Corp. (TSX: NB) posted underwriting profit of $20.3 million on a 92.8% combined ratio for the first quarter ending March 31, 2004. This more than doubles the underwriting profit of $10.1 million produced in first quarter 2003, when the combined ratio was 95.4%.Northbridge, which includes the Canadian entities of Fairfax Financial Holdings, brought […]
By Canadian Underwriter | April 26, 2004
Retroactive to March 31, independent adjusters in Canada have been granted the status of “investigative bodies” under the federal privacy legislation.The status, announced by the Canadian Independent Adjusters Association (CIAA), allows independents leeway in the collection, use and disclosure of personal information relative to claims investigation. The status relates specifically to disclosure of an individual’s […]
A new survey from Allianz Global Risks US Insurance Co. shows dissatisfaction with the level of service being provided by commercial property carriers. In its survey, Allianz finds that 90% of property brokers have recommended clients to change carriers on the basis of poor service, while 46% of buyers have made the switch based on […]
By Canadian Underwriter | April 25, 2004
The Insurance Brokers Association of B.C. (IBABC) says its members will offer a new premium financing program to small businesses through a partnership with Scotiabank and technology firm GHR Systems Inc.IBABC executive director says the move is a response to the rising premiums being faced by small brokers as a result of the hard insurance […]
Saskatchewan Government Insurance (SGI) Canada, a provincial crown insurer, generated a net profit of $21.2 million for the 2003 financial year. The financial turnaround reflects a $30 million improvement over the course of the 12 month period, a statement released by the insurer notes. Notably, Ontario-based subsidiary Coachman Insurance Co., reported a net profit of […]
By Canadian Underwriter | April 21, 2004
Royal & SunAlliance Canada Group has appointed four new brokerages to its book in northern part of New Brunswick. The insurer says it will look at expanding overall capacity in the province’s auto insurance market based on the product cost-cutting reform measures thus far introduced by the government.Royal & SunAlliance notes that New Brunswick’s auto […]
By Canadian Underwriter | April 20, 2004
Fairfax Financial Holdings Ltd. says it will reduce its stake in Northbridge Financial (which includes Fairfax’s Canadian entities) from 71% to 59% through a share offering.A syndicate of underwriters led by BMO Nesbitt Burns Inc. and Scotia Capital Inc. will sell, through an underwritten secondary offering, 6 million common shares of Northbridge at a price […]
2003 saw 57 mew captive licenses approved in the British Virgin Islands (BVI), 23% growth over 2002, reports the BVI International Financial Centre (IFC).In total, 2003 saw the BVI reach 307 captives, maintaining it as the fifth largest captive domicile in the world.Of the new licences, all were for U.S. parented captives, with the U.S. […]
By Canadian Underwriter | April 19, 2004
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